Hastings Offers 12% Takeout on Show Bets

Hastings Racecourse in British Columbia has instituted a commission reduction on show wagers.

The reduction will trim the pari-mutuel takeout from 17% to 12%, the lowest rate of any racetrack in North America. The change will complement Hastings’ new $40-million permanent gaming facility, which houses 600 slot machines.

“We’re thrilled to make this reduction in the wagering takeout,” said Ross J. McLeod, chairman and chief executive officer of Great Canadian Gaming, which owns Hastings. “A show wager is inherently one of high probability, but low value. By lowering the track’s takeout by nearly a third we’ll increase that value, and return an additional 5% of the wager pool to our horseplayers. Every winning show bet will now become that much more valuable.

“The future of horse racing in Vancouver is brighter than ever. Since purchasing Hastings in 2004, Great Canadian has sought every opportunity to return this landmark to its former glory. This change, in tandem with the new gaming facility, will allow it to offer its horseplayers unparalleled value. It’s one more step in bringing Hastings back.”